GIC of India has announced a key senior management appointment, naming Shri Uday Laxmandas Devi as Chief Vigilance Officer (CVO) effective December 29, 2025. The appointment was communicated to stock exchanges on January 2, 2026, in compliance with regulatory disclosure requirements.

Appointment Details

The Ministry of Finance, through letter No. 15/1/2023-Vig dated January 1, 2026, conveyed the Department of Financial Services' decision to assign additional charge of the CVO position to Shri Uday Laxmandas Devi. This appointment is in addition to his current role as CVO at Oriental Insurance Corporation Limited.

Professional Background

Shri Uday Laxmandas Devi brings extensive experience to his new role at General Insurance Corporation of India. He holds a Bachelor of Commerce (Honours) degree and has earned professional certifications including CMA from the Institute of Cost Accountants of India and CAIIB from the Indian Institute of Banking and Finance.

Regulatory Compliance

The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, specifically relating to changes in senior management. The announcement references compliance with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

The temporary nature of this appointment reflects the transitional arrangement pending the Central Vigilance Commission's decision on the transfer request of the CVO from Oriental Insurance Corporation Limited. This ensures continuity in the vigilance function while maintaining regulatory compliance requirements for both organizations.

GIC of India has announced that CARE Ratings Ltd has reaffirmed its credit rating, maintaining the company's strong financial standing in the insurance sector. The development was communicated to stock exchanges on January 1, 2026, through a regulatory filing under SEBI disclosure requirements.

Rating Details

The rating agency has maintained its assessment of the company's creditworthiness with specific parameters:

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 read with para A of Schedule III and Regulations 46(2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Satheesh Kumar Nair signed the regulatory communication, ensuring proper compliance with applicable laws and stock exchange requirements.

Company Profile

General Insurance Corporation of India operates as a government company in the insurance sector. The company is registered with IRDA under registration number 112 and maintains its corporate headquarters at 170, J. Tata Road, Churchgate, Mumbai. As a reinsurance company, GIC Re plays a significant role in India's insurance ecosystem, providing reinsurance services across various segments.